Piper Jaffray Upgrades Bristol-Myers Squibb Co. (BMY) to Neutral

Piper Jaffray upgraded Bristol-Myers Squibb Co. (NYSE: BMY) from Underweight to Neutral with a price target of $61.00 as fair value has been reached.

Analyst Richard Purkiss commented, "With shares trading down close to our $61 price target we are upgrading Bristol-Myers Squibb from Underweight to Neutral. We note that the stock has had a significant pullback since the 2Q earnings report and we believe it is now trading close to fair value based on our $61 target price which is a 60:40 weighted average of our Pipeline and Run- Off DCF valuations. We are maintaining our $61 price target and upgrading to Neutral from Underweight."

For an analyst ratings summary and ratings history on Bristol-Myers Squibb Co. click here. For more ratings news on Bristol-Myers Squibb Co. click here.

Shares of Bristol-Myers Squibb Co. closed at $61.07 yesterday.

You May Also Be Interested In

• HSBC Upgrades Topdanmark (TOP:DC) (TPDKY) to Hold
• UBS Upgrades Bureau Veritas SA (BVI:FP) (BVRDF) to Neutral
• Iridium Communications (IRDM) Reports In-Line Q1 EPS; offers outlook